Bank of Baroda slashes car loan interest rate to 7%; details here 

Public lender Bank of Baroda has reduced its interest rate on car loans by 25 basis points or bps from 7.25 per cent per annum to 7 per cent per annum. Processing charges have been reduced to Rs 1,500 plus GST till June 30. 

New rate and concessional processing charges are applicable for purchasing a new car and rate offering is linked to a borrower's credit profile. These loans can be availed by salaried class, businessmen, professionals, corporates, NRIs and PIOs.  

Interest rate on pre-owned cars and two-wheeler loans remains the same. "The drop in the Baroda car loan interest rate and reduction in processing charges will make it easier and more affordable for consumers to buy a car of their choice," Bank of Baroda General Manager for Mortgages and Other Retail Assets HT Solanki told news agency PTI.  

Users can purchase this car loan by either giving a missed on 846-700-1133 or writing an SMS in the format – AL Name to 842-200-9988.

To avail this loan, you need to present photo ID with age proof, signed application form with 3 passport size photos, residence proof like valid passport, voter ID, driving license, postpaid bill (gas, electricity), updated passbook or bank account statement, notarized registered rent agreement, bank statement of last 6 months.  

Salaried class people will have to also produce last 3 months’ salary slips and form 16 or income tax returns in addition to the aforementioned documents. 

In case of self-employed people, balance sheet, profit and loss account and computation of income for the last 2 years is mandatory. They also have to present business proof (Gomasta license, registration certificate, service tax registration among others) and IT assessment/clearance certificate, income tax challans/TDS certificate/form 26 AS for income declared in ITR. 

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